Constellation Takes Its Crown: Corona

VICTOR, N.Y.—When Constellation Brands Inc. closes its largest and most-transformative deal ever Friday, one of the world's largest wine companies will also be the third-largest beer supplier in a shrinking U.S. market.

The acquisition of U.S. distribution rights for top import Corona, several other Mexican beers plus a Mexican brewery for roughly $5.3 billion from Belgium's Anheuser-Busch InBev NV is the unexpected byproduct of AB InBev's larger $20.1 billion takeover of Mexico's Grupo Modelo SAB. AB InBev had to divest...